Weekly events: Total national social retail sales up 6.7% year-on-year in January-February; Belle fashion IPO in Hong Kong

Weekly events: Total national social retail sales up 6.7% year-on-year in January-February; Belle fashion IPO in Hong Kong

Regulating the platform economy: adhering to the principles of marketization and rule of law

The Finance Committee of the State Council held a special meeting on March 16 to study the current economic situation and capital market issues, of which the governance of the platform economy is one of the important topics.

The meeting pointed out that, regarding the governance of the platform economy, the relevant departments should improve the established programs in accordance with the guidelines of marketization, rule of law and internationalization, adhere to the principle of seeking progress in a stable manner, and through standardized, transparent and predictable regulation, steadily promote and complete the rectification of large platform companies as soon as possible, with red and green lights set to promote the stable and healthy development of the platform economy and improve international competitiveness.

National January-February total social zero grew by 6.7% Online retail sales increased by 10.2% year-on-year

On March 15, the National Bureau of Statistics released data showing that from January to February this year, China's total retail sales of consumer goods amounted to 7,442.6 billion yuan, up 6.7% year-on-year. By type of consumption, from January to February, retail sales of goods were RMB 667.08 billion, up 6.5% year-on-year; restaurant revenues were RMB 771.8 billion, up 8.9% year-on-year.

By retail format, the retail sales of supermarkets, convenience stores, department stores, specialty shops and specialty shops in retail units above the quota increased by 3.0%, 12.8%, 2.1%, 10.3% and 5.3% year-on-year respectively from January to February.

From January to February, the national online retail sales amounted to RMB 1,955.8 billion, representing a year-on-year growth of 10.2%. Among them, the online retail sales of physical goods amounted to RMB1,637.1 billion, up 12.3%, accounting for 22.0% of the total retail sales of consumer goods.